SpaceX Stock Rebounds as Wall Street Banks Initiate Bullish Coverage Ahead of Starship Test Flight

Investment bank Evercore ISI initiated coverage of SpaceX with an Outperform rating and a $230 price target, signaling confidence in the company's long-term prospects even as its publicly traded stock has faced pressure since its initial public offering in June. The Starship rocket is scheduled for its 13th test flight from Starbase, Texas, representing a critical moment for the company's space exploration agenda.

The timing of the analyst upgrade coincides with SpaceX preparing to launch Starship Version 3, a larger and more powerful iteration that debuted less than two months ago. The previous flight in May encountered complications when the Super Heavy booster suffered heat damage during separation and subsequently failed to return due to engine reignition problems. This test marks another opportunity for SpaceX to validate its heavy-lift launch capabilities, which underpin the company's plans for satellite deployment, lunar missions, and eventual Mars exploration.

Evercore analyst Kutgun Maral characterized SpaceX as "an extraordinary company on a real path to reshaping the future of humanity," emphasizing the interconnected nature of its business segments. The analyst's financial model projects revenue and operating earnings before interest, taxes, depreciation, and amortization compounding at 106 percent and 157 percent respectively through 2028, with operating margins expanding from 35 percent to 69 percent over the same period. This outlook reflects confidence that SpaceX's competitive advantages in reusable launch technology will extend across multiple revenue streams including broadband connectivity through Starlink, satellite-to-phone services, and terrestrial computing infrastructure.

SpaceX shares have traded between $145.20 and $225.64 since going public, closing near $148 in early July. Multiple analysts recently issued new price targets, with the average forecast settling around $250 per share over an 18-month timeframe. One outlier projection reached as high as $800, though this represents a minority view among the 15 analysts who issued fresh ratings. For investors who entered at the July 8 closing price, reaching the $250 average would represent approximately 68.5 percent returns on a $5,000 investment.

The company's broader strategic vision encompasses a $28.5 trillion total addressable market, with $26.5 trillion connected to artificial intelligence infrastructure. SpaceX plans to deploy satellite constellations equipped with data center capabilities, positioning itself at the intersection of space launch, connectivity, and AI infrastructure—a convergence that analysts believe could accelerate growth momentum through the remainder of the decade.